Tonnage tax scheme definitions clarify qualifying companies and qualifying ships for shipping tax computation. Defines the tonnage tax scheme terminology: a qualifying company is an Indian company with effective management in India, owning at least one qualifying ... Summary
Tonnage tax scheme definitions clarify qualifying companies and qualifying ships for shipping tax computation.
Defines the tonnage tax scheme terminology: a qualifying company is an Indian company with effective management in India, owning at least one qualifying ship and chiefly operating ships; a qualifying ship is a seagoing or inland vessel meeting tonnage, registration and certification requirements but excluding vessels used mainly for land-like services, fishing vessels, factory ships, pleasure craft, ferries, offshore installations, and ships used as fishing vessels beyond a specified number of days; also defines related concepts including charters, Director-General of Shipping, tonnage income, tonnage tax company, and tonnage tax activities.
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